JERSEY CITY – For the third year in a row, Mayor Steven M. Fulop will introduce a budget with no tax increase, the administration announced on Feb. 16. The budget, which will be formally presented to the City Council at its Feb. 23 meeting, holds taxes flat for the second year in a row, following a 2.13 percent tax reduction in 2014, the first Fulop administration budget year.
The administration said it has implemented multi-year budget forecasting that has allowed officials to prepare for increased costs, such as the approximate $4 million rise in pension and $17 million in healthcare costs, in advance. This practice incorporates “smart fiscal planning and a long-term budget outlook” to identify potential expenditures and savings and to gradually correct past imbalances. It is standard practice in the private sector, but few cities in New Jersey implement it.
“Property taxes continue to increase in cities and towns around the state, but in Jersey City we have taken an approach that incorporates smart fiscal planning so for the third year in a row we are able to deliver a budget without a tax increase, despite rising costs,” said Mayor Fulop. “Our goal is to be responsible stewards of taxpayer dollars, which means growing the tax base to not increase the burden on residents, while at the same time improving services and the quality of life.”
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